$ETH Market analysis and trading strategy:
ETH has continued to weaken on the hourly chart. Although there have been rebounds, they have lacked staying power and appear to be corrective bounces after the earlier decline. Each rally has met resistance and turned lower, with the price dipping as low as 2,281.
Several major events surrounding the U.S. midterm elections have come to a head. Inflation and ongoing geopolitical risks continue to weigh on risk assets. In addition, Ethereum ETFs saw net outflows of 220 million last week, and funds are broadly moving out of the market. There is no fresh institutional buying to provide long-term support, and market participants are waiting on the Fed’s decision. Before the midterm election results are announced, it will be difficult for the market to stage another substantial rebound.
So my personal trading strategy is: short Bitcoin if it rebounds to 80,500, with targets at 79,500–78,500; short Ethereum if it rebounds to 2,350, with a target of 2,300.
【The views above are for personal reference only and do not constitute investment advice】
#美国下周将公布Q3GDP和9月PCE
ETH has continued to weaken on the hourly chart. Although there have been rebounds, they have lacked staying power and appear to be corrective bounces after the earlier decline. Each rally has met resistance and turned lower, with the price dipping as low as 2,281.
Several major events surrounding the U.S. midterm elections have come to a head. Inflation and ongoing geopolitical risks continue to weigh on risk assets. In addition, Ethereum ETFs saw net outflows of 220 million last week, and funds are broadly moving out of the market. There is no fresh institutional buying to provide long-term support, and market participants are waiting on the Fed’s decision. Before the midterm election results are announced, it will be difficult for the market to stage another substantial rebound.
So my personal trading strategy is: short Bitcoin if it rebounds to 80,500, with targets at 79,500–78,500; short Ethereum if it rebounds to 2,350, with a target of 2,300.
【The views above are for personal reference only and do not constitute investment advice】
#美国下周将公布Q3GDP和9月PCE
